Gary Comey / Profil

I’m delighted to see construction begins on a new school yard at my former Primary School today. Big thanks to clients and friends. Blackwavetrader.com

Varying views of the Euro are hampering a significant rally though an end to the war would help. A strong #macron performance this weekend would also help. #GBPAUD dropped a lot on Tuesday but the week is finishing better and brings hope for a continued rally next week.

Shame that EURGBP lost momentum but looking at scotiabank and deutschebank they both expect a EURUSD rally to 1.12 and 1.15 which if true will pull EURGBP higher. Certainly the ECB is now awake to inflation which suits us. Need a move towards 0.86 but this week was useful. Looking at some of the messages they could now be summed up as frustration that we are so much closer but people are anxious to get out of EURGBP. That's different to some of the previous messages where people were fearful. So the pendulum is flipping from fear to greed :-)

GBPAUD is a partial hedge but very oversold too and it's been a slower mover. That said I took some short term trades in the Alpine Clients Account to reduce the DD in EURGBP as per the "November strategy". Have a safe weekend. Control your thoughts, control your life.

The technical analysts point to the formation inverted head & shoulders pattern on a EURGBP daily chart which is a bullish pattern. Be that as it may we continue to implement the "November strategy" to eat the DD with proceeds from basket 2 while we wait for the inevitable.

GBPAUD looks deeply oversold daily and today's candle is something of a doji which can signal indecision before a reversal....sometimes!. Either way position size is key.

Finally CADJPY has been amazing and the run is fairly historical. We didn't begin selling it till 95.50's so all good. 4 positions deep in Blackwave Alpine High Risk account. CADJPY D1 RSI 83!

Nicely profitable #GBPCHF trade 💰. I used some to eat more $EURGBP DD & the rest to increase cash. #EURGBP has been trading at the upper end of an other wise down trend but the E.C.B is now becoming helpful to our trade. 0.8480 is the swing lower high we need to close above.

It's been a good enough week, after hitting new lows Sunday night this week saw the E.C.B finally capitulate to inflation and talk about taking actions to control it. Technically we need to see $EURGBP trade above 0.8480 being the previous weekly lower high but the fundamental backdrop is now more in our favour and we could probably do with an easing of geopolitical tensions to help our trade further. With average entry excluding SWAPs around 0.8522, this market is trading above 0.84 as I write. If you are wondering weather I am more relaxed about it I withdrew $10K from Blackwave Pacific to buy more shares of Credit Suisse for the holding company Blue Wave Equity & Investments. That makes 10K shares of CS in total with an average entry around $8 and I'll move on to another company now. I will repay that $10K to Blackwave in the coming months to keep me moving towards my goals as described on my website. GBPCHF is a bit slow and again this could do with an easing of geopolitical tensions but the SWAPs are positive in this case.

Ahead of non farm payrolls $EURGBP avg. entry is at 0.8522 before SWAPs. Avg. entry is roughly 200 pips lower since November. Difficult difficult trade but basket 2 has been doing it’s job though capital growth must suffer in the short term, my game is long term.

In terms of the performance of Basket 2 in February the return has been about 3.5% though it's all been used to eat the $EURGBP DD to continue to improve safety. $EURGBP itself has held up well with both the EURO and the Pound weakening together against the buck.

Since November I've been chipping away at the foundations of the $EURGBP DD even as it fell further. It's not been very noticeable however several positions in the 0.88's are gone. I am working on 0.8745 now and have added more positions in the 0.83's.

By improving average entry we lay the groundwork to benefit significantly from any upswing in $EURGBP. Then I'll be back using two baskets again & the once in a five year event will hopefully be behind us and I can continue on towards my objectives.

Morning. Next week the #RBNZ is expected to raise rates and we head into the weekend with our $GBPNZD trade looking encouraging. Economic data in NZ has been better than expected. $EURGBP may be vulnerable to #Ukraine tensions so a profitable outcome to $GBPNZD would be timely.

A stronger pound and $EURUSD decline pulled our $EURGBP lower taking back some of the recent gains we’ve had. $GBPNZD may be in a topping process but again a stronger pound towards the end of the week. No change to the strategy simply patience required to allow it to work.

Hi all. We've had two fundamental pieces of news to help our EURGBP trade along. 1. The ECB is finally acknowledging inflation concerns by removing any reference about not raising rates from the usual statement. 2. The U.K Prime Minister is having political difficulties which could lead to his resignation and/or damage the electoral prospects of the Tories. Of the two the ECB is by far the biggest factor. Although I am less concerned about the GBPNZD trade due to the improved DD I am still reluctant to add another position unless EURGBP were to clear 0.8460 or even 0.85. Also it may not be necessary. As I said last week "Any half decent retracement will make this trade wildly profitable" so it's a matter of calculated risk vs reward. After a difficult lunch time yesterday where the trade touched multi-year support in the 0.8270's our EURGBP trade has woken up and rallied strongly towards 0.85 with some fundamental news as the wind in it's back. I've carefully added some hedges but I will remain light footed on those in order to avoid swapping one DD for another in the cause of adding too much protection.

Good morning. As you are aware our GBPNZD DD is approximately 12% in the high risk client account. This trade has the potential to kill the high risk account though I feel the other accounts can take the stress. New Zealand has gone into lockdown again for 26 days in order to stamp out a dozen cases of the Omnicron variant of COVID-19. Personally I think it's a mistake both politically, economically and socially but I can also understand there are no easy decisions for the Prime Minister. Anyway essentially this is none of our business because as always our business is with the price. This DD on it's own is simply the cost of trading on a grid pattern and would usually not be concerning. The issue is our long suffering EURGBP positions are continuing to trend lower even as I use profits to close the biggest losers. The November strategy is to use basket 2 to eat the biggest losers in EURGBP and even amongst the stressful trading yesterday I continued to do that. The idea is that "hope" is not a plan after such an extended DD and by closing the biggest EURGBP losers we improve average entry and can take advantage of any EURGBP rally which I can guarantee will happen though I as usual nobody can say when. With the EURGBP trade so extended the trick is to try and stay out of trouble with basket 2 which I have been attempting though I think GBPCAD was difficult and now GBPNZD is difficult. Frankly I cannot trade my way out of EURGBP without taking risks and with the best will in the world I will not time my basket 2 entries perfectly every time. The potential upside here is that if we can hold our nerve this GBPNZD trade has the potential to become very profitable and I will use most of the profit to eat the EURGBP DD. I have been adding a few hedges both in EURGBP and GBPNZD but I am reluctant to stay in the hedges for very long. For example with EURGBP I don't want to find my self stuck in a bunch of sell orders down in the 0.83's only to find later when the price rises that it was the equivalent of buying EURGBP at 0.88. So I have been nipping and tucking and attempting to stay net very long in order to secure a way out of EURGBP. While some short trades are desirable we need to get back to cash and finding myself hugely short EURGBP when we manage to get out of our long trade means we are always as sea so to speak and never get back to shore. In order to protect equity I am unlikely to add further GBPNZD short positions. This market has risen for seven weeks in a row and is very overbought and attempting to nail the very top is too risky. Any half decent retracement will make this trade wildly profitable. In the meantime I will continue to nip and tuck at EURGBP using a combination of hedges both in EURGBP and GBPNZD.

$EURGBP downside pressure relieved in a very powerful bullish D1 candle. No change to the Nov'21 strategy. Stilling eating the DD with basket 2. Any $EURGBP rally will see profit sooner therefore. Can the anonymous keyboard warriors show me their skin in the game. Stats please! 😉

Successful enough week with basket 2 though it’s just being used to eat the DD in basket 1. Still it’s better to get it over with and any $EURGBP rally will see profit sooner. One full $EURGBP position opened in Alpine at 0.8776 is now gone using profits.

This week we improved the average entry on $EURGBP by eating the DD with profits from the second basket eg. $EURCHF and indeed this week I also added a new $EURGBP entry at 0.8354. When (not if) $EURGBP rises this latest entry will also eat a lot of SWAP's.

A swing lower low for $EURGBP and a deeply oversold $EURCHF. There’s some correlations here and also with new all time highs in the S&P500. The November strategy still applies and we must wait for $EURCHF to advance the cash and cut out some of the bigger $EURGBP losers.

Our $EURGBP position opened at 0.8773 is some of the way closed with actually the cash a little higher too. I’ve now opened a 13 position at 0.8425 and we’ll soon be back to 12 positions again. Merry Christmas all.

Broad based GBP strength has seen $EURGBP reject 0.85 and move lower again amid optimism around vaccines efficacy. That said liquidity is lower and EU/U.K tensions may limit the downside. Another week of eating DD's with profits from basket 2

Similarly to last week I have been using profit from basket no.2 to increase cash AND eat the DD in $EURGBP. The BoE surprised traders earlier this week but the drop in $EURGBP was brief. That’s somewhat encouraging though the strategy as described above is working and remains.

Spent the week using profits to partially eat the DD in $EURGBP so cash goes up, DD goes down etc. $EURGBP has backed off from the weekly highs but the technical picture is a bit encouraging. 0.86 not far away.